French Firm Rubis takes over Gulf Energy, Becomes Largest Petroleum Dealer in Kenya

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French multinational Rubis Energie has completed the purchase of oil marketer Gulf Energy in a deal that now makes it the largest petroleum dealer in Kenya, Business Daily Africa has revealed.

The deal has been completed in one of the shortest times, with Rubis taking six weeks to wrap up the transaction which it first announced on November 4.

The multinational says it completed the deal, whose price was not disclosed, on December 13 through its subsidiary KenolKobil which it acquired in March for Sh35.6 billion.

“Following approval from the Kenyan Competition Authority and Energy Regulatory Commission, Rubis, via its local subsidiary KenolKobil, has finalised the acquisition of Gulf Energy Holdings Limited,” Rubis said in a statement.

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